Sugar Futures Closed Higher On Wednesday

Sugar Futures closed higher on Wednesday as country’s sugar production set to dip to seven-year low this season due to shortage of cane which will led to early closure of sugar crushing. Indian Sugar Mills Association (ISMA) has lowered sugar production estimate for 2016-17 to 21.3 million tonnes, down by about 9 per cent as compared to its estimate of 23.37 lakh tonnes, projected in September 2016. ISMA has arrived at these figures, based on satellite images, at a meeting held in Hyderabad. Moreover, India's sugar production by mid-January is down by 6% as compared to the same period of previous year.